47% Pay no Taxes? Look Closer

[aneftp]

Originally Posted by roysoldboy

Would you want to bet which groups get to keep their Bush cuts and which ones lose them?

Yep. Obama will give regular folks their cuts and let the Bush cuts expire for the "rich".

I don't here the liberals commenting on this one.

All I ever hear about it the rich don't pay their "fair share"

First they will spin it and say the rich don't pay the "same proportion of the income" in taxes. Because in terms of pure overall tax revenue collected, the rich pay the vast majority of income taxes.

But when Bush expands the lowest 10% of income taxes (from $10K to $12K), but %, that's a huge tax cut for the lower income people. I don't here the liberal bloggers using this "percentage" crap. Don't you think expanding the lowest 10% from $10K to 12K is a large percentage increase?

[malamute]

Originally Posted by carterstamp

The upper income bracket got a bigger percentage cut than the lower income.

The remaining tax cuts were in the Obama stimulus in the form of tax credits.

The Bush tax cuts expire in 2011, Obama has said he will reinstate some of them, and let the rest expire.

That's not possible. The very lowest income types get the EITC welfare handout -- they get back MORE tax money than they paid in -- a negative tax rate. Another chunk -- you heard Obama -- pays no taxes at all -- which means they have a 0% tax rate. Those who pay - no matter how high their income obviously don't have a 0% tax rate like the 47% do which includes those getting the EITC handouts.

[malamute]

Originally Posted by aneftp

Yep. Obama will give regular folks their cuts and let the Bush cuts expire for the "rich".

I don't here the liberals commenting on this one.

All I ever hear about it the rich don't pay their "fair share"

First they will spin it and say the rich don't pay the "same proportion of the income" in taxes. Because in terms of pure overall tax revenue collected, the rich pay the vast majority of income taxes.

But when Bush expands the lowest 10% of income taxes (from $10K to $12K), but %, that's a huge tax cut for the lower income people. I don't here the liberal bloggers using this "percentage" crap. Don't you think expanding the lowest 10% from $10K to 12K is a large percentage increase?

The liberals don't like it - but their leader Obama came out and admitted that a huge chunk of the population contributes nothing at all -- which means the entire burden is on the backs of only a few.

If Obama himself can see it, why can't the rest see it?